Trophy Auckland Property changes hands
Trophy Auckland Property, 229 Dairy Flat Highway in Albany changes hands
An Auckland commercial property with tenants including Massey University, Auckland City Council and Quest Albany has been sold to Auckland businessman and property investor Peter Do for NZ$33 million.
The property, 229 Dairy Flat Highway, is a mixed-use development comprising four existing buildings. These include a former supermarket converted to provide workshop/design studio and offices, a modern three-level office building with ground-floor retail, a free-standing former restaurant which is now council offices and the recently completed four-level Quest apartment building with secure undercroft parking.
229 Dairy Flat Highway comprises 1.04 hectares, has lettable space of over 6,700 square metres and 156 car parks on-site, and was owned by NZX-listed PFI.
Peter Do said, “We are delighted to be able to add 229 Dairy Flat Highway to our property portfolio and look forward to acquiring similar quality, well-located properties in the near future, We are a long-term property investor who looks to add value to the properties we own.”
The new owner was attracted to the property’s location, 19 kilometres from Auckland’s CBD and within walking distance to Albany Westfield, Auckland’s fourth-largest shopping centre. Albany has a bright future as Auckland continues to grow and expand and new developments nearby include the recently completed National Support Centre for Mitre 10 as well as the new 200-apartment Rose Garden, and numerous retail, office and commercial developments.
Settlement was completed on Friday, 6 December 2019.